When it comes to retirement planning, we often think about our own dependents and ourselves first. Will we have enough to live the rest of our lives comfortably? Will I be able to have something to pass on to my children? Do we have enough in case of a medical emergency? But, with the changing economy, we often forget to take into consideration other important members of our family when it comes to planning for our future: our parents.
Over 9 millions American senior citizens can no longer afford to pay their bills. Their basic living expenses, not to mention health care costs and other unexpected payments are just too much to bear, and at their age, going back into the workforce isn’t always an option. So what can we do? It’s time for us to take a look at the costs of taking care of our parents.
First and foremost, it’s important to have the conversation with your parents first. How much have they saved? Do they want to live in a retirement community, or would they be more interested in having someone come by their own home to take care of them? While they may be uncomfortable questions to ask, they are of the upmost importance, as they will dictate how you should start to plan for not only your parents’ future, but your own.
There are several costs and circumstances to consider when it comes to elder care. There’s non-medical and medical home care, home health care, non-medical and medical adult day care, assisted living homes, nursing homes, retirement communities; the options for where and how to live are endless, as there are finer points to weigh within each. We will touch upon each of these different types of elderly care, and other costs associated in upcoming blogs.
If you have questions regarding caring for your parents and how it will affect your own plans for your financial future, please don’t hesitate to give us a call.
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